Sinn Fein Chairperson, Mitchel Mc Laughlin MLA for Foyle has
called for an investigation into banking practices here following
the latest claims by consumer magazine 'Which' that banks here
are on occasion charging up to ten times more than their
counterparts in Britain.

Mr McLaughlin said:

"It has long been claimed by clients and consumer groups that
banks here are a law unto themselves. There have been accusations
that some penalties imposed by Banks here is nothing short of
unscrupulous profiteering by an establishment that has no
consideration for its clientele.

The average client does not possess the expertise to compare the
myriad of charges that are levied by the various banks. The
client is left in a situation in which they believe that they
have no choice but to pay whatever charges imposed however unjust
they may appear.

The time is past when an establishment such as banking should be
given unfettered power to charge the general public whatever they
want. There needs to be a far-reaching investigation of the
justification of most bank charges. We are now in an era in which
banking is reaching into every aspect of life. The British
government is now instigating a system whereby all government
benefits will be paid electronically into bank and Post Office
accounts.

Whatever assurances are now being given about no or minimal
charges on these accounts once it becomes the norm the clients
will be vulnerable to many pressures from banking interests to
participate in other schemes being offered by the bank. Unless
stringently regulated those least able to afford it will become
prey to unregulated banking practices devised by people that have
no conception of the difficulties of living on a fixed income.

I am calling on government to set up an independent investigatory
body to scrutinise banking practices and if necessary a
regulatory body.